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Willis Towers Watson logo

Willis Towers Watson Business Segments

Business, geographic, and product segment breakdowns

Willis Towers Watson generates $9.9B in annual revenue across 2 key segments: Health Wealth And Career ($5.4B), and Risk And Broking ($4.4B). The company-wide operating margin is 22.73%. Based on the Q1 2026 filing.

Health Wealth And Career (TTM)$5.4BRisk And Broking (TTM)$4.4B
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$24.6B
P/E Ratio14.78
ROE20.7%

Products & Services

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Service$3B$2.2B$2.2B$2.2B$2.9B$2.3B
Broking$1.7B$936M$996M$915M$1.5B$1B
Consulting$805M$798M$804M$818M$865M$861M
Outsourced Administration$313M$289M$257M$299M$320M$298M

Business Combination Consideration Transferred1

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Up Front————$1.1B$1.1B

Geographic

Non-Current Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
GB$490M$500M$526M$519M$521M$511M
US$307M$294M$290M$283M$282M$297M
IE$8M$8M$8M$8M$7M$7M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
US$1.7B$932M$1B$999M$1.5B$982M
GB$514M$451M$509M$539M$566M$501M
IE$32M$35M$37M$33M$38M$39M

Operating Loss Carryforwards Valuation Allowance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Non Us$16M———$24M—
US State Capital$12M———$8M—

Income Taxes Paid Net

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Rest Of World—$40.8M$40.8M$40.8M$40.8M—

Business Segments

Book Of Business Settlements

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$6M$0$3M$6M$12M$7M
Health Wealth And Career$5M$2M$0$0$5M$1M

Interest And Other Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$31M$24M$28M$34M$38M$33M
Health Wealth And Career$13M$9M$8M$8M$12M$9M

Interest Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$26M$22M$23M$28M$24M$25M
Health Wealth And Career$6M$7M$7M$8M$7M$8M

Other Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking—$2M$2M$0$2M$1M
Health Wealth And Career$2M$0$1M$0$0$0

Reimbursable Expenses And Other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$20M$17M$18M$16M$23M$19M
Risk And Broking$4M$3M$3M$3M$3M$3M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$1.9B$1.2B$1.2B$1.3B$1.7B$1.3B
Risk And Broking$1.1B$1B$1.1B$1B$1.3B$1.1B

Depreciation

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$41M$31M$32M$31M$36M$32M
Risk And Broking$10M$10M$10M$10M$11M$10M

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$6.4B$6.4B$6.4B$6.4B$6.4B$6.8B
Risk And Broking$2.4B$2.5B$2.5B$2.5B$2.5B$2.9B

Goodwill Acquired

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$21M$2.3M$2.3M$2.3M$2.3M$378M
Health Wealth And Career-$21M——$0$0$366M

Goodwill Foreign Currency Translation Gain Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$55M-$27M-$60M$0-$2M$13M
Health Wealth And Career$28M-$15M-$28M——$7M

Goodwill Gross

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$7.3B$7.3B$7.3B$7.3B$7.3B$7.7B
Risk And Broking$2.8B$2.8B$2.9B$2.9B$2.9B$3.3B

Goodwill Impaired Accumulated Impairment Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$911M$911M$911M$911M$911M$911M
Risk And Broking$362M$362M$362M$362M$362M$362M

Interest Income Operating And Nonoperating

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Risk And Broking$26M$22M$23M$28M$24M$25M
Health Wealth And Career$6M$7M$7M$8M$7M$8M

Operating Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$1.1B$854M$900M$900M$919M$919M
Risk And Broking$758M$801M$825M$818M$818M$864M

Operating Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$776M$311M$280M$361M$729M$346M
Risk And Broking$383M$226M$222M$189M$435M$252M

Revenues Excluding Interest And Dividends

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$1.8B$1.2B$1.2B$1.3B$1.6B$1.3B
Risk And Broking$1.1B$1B$1B$979M$1.2B$1.1B

Segment Reporting Other Item Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Health Wealth And Career$1B$823M$868M$869M$883M$887M
Risk And Broking$748M$791M$815M$808M$807M$854M